ICICI clocks net profit of $1 Bn

Tuesday, 29 April 2008, 05:57 Hrs
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Mumbai: India's second largest bank ICICI Bank Ltd posted a net profit of $1 billion (40 billion) during 2007-08 as compared to $775 million of the previous fiscal.

This was achieved despite the US sub-prime mortgage crisis that affected the bank?s overseas business.

In the last quarter of the fiscal (January-March), the bank, which has overseas operations accounting 25 percent, had to make a provision of $100 million to cover up the losses occurred due to a global economic meltdown, í´³ management said in a statement Saturday.

However, even after this provision, in the last quarter, ICICI's net profit rose to $287 million from $206 million of the same period of 2006-07, a 39 percent increase.

In the current and savings deposit ratio, a marginal increase of 26 percent was witnessed as compared to an increase of 22 percent in the corresponding period ending March 31, 2007.

The current and savings account also showed an increase by 27 percent to $15.9 billion from $12.5 billion.

On the credit growth front, the consolidated advances of the bank as well as its overseas subsidiaries and ICICI Home Finance company, showed an increase of 19 percent, clocking $62.8 billion for the fiscal from 52.8 billion.

The bank's board has recommended a dividend of 110 percent for 2007-08 - 11 per equity share, as compared to 100 percent for the previous year.
Source: IANS
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